After it was discovered that he neglected to declare nearly £2 million in earnings, one IT contractor now faces jail time for income tax fraud, it was recently revealed.
Stephen Maxwell, a 53 year old tech consultant, will be jailed for a period of five years after he was found to be guilty of evading the taxman from 1999 through 2008. Mr Maxwell had been working in the London financial sector for several banks over that period of time, using firms registered in the Isle of Man and Gibraltar in order to receive funds he earned for work he completed for his clients.
The 53 year old, who was a disguised beneficiary of one of those companies, was discovered after his income began to be paid to a firm from 2005 which was registered in the UK but neglected to produce tax returns, officials from Her Majesty’s Revenue & Customs said. HMRC Scotland’s assistant director of criminal investigation, David Odd, remarks that Mr Maxwell tried, on a consistent basis, to conceal the amount of money he was earning, despite the fact that the nation’s system of taxation depends on the honesty of its citizens.
There’s no such thing as a ‘victimless crime’ when it comes to income tax fraud, Mr Odd said, adding that HMRC takes a significantly dim view of anyone who shirks his legal duty in such a manner. The taxman has quite robust procedures to ferret out anyone abusing the nation’s tax systems, and has a commitment to the vigorous pursuit of any such fraud, Mr Odd also commented.
